Payday loans & motor vehicle title loans; purchase from federally chartered financial institution. (HB466)

Introduced By

Del. Lee Carter (D-Manassas) with support from co-patron Del. Ken Plum (D-Reston)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Payday loans; motor vehicle title loans; purchase from federally chartered financial institution. Prohibits a licensed payday lender or motor vehicle title lender (a licensee) from acquiring a payday loan or motor vehicle title loan from a federally chartered bank or savings institution if the terms of the loan would violate Virginia law if the loan was made by a licensee. The prohibition applies if the loan is made to a Virginia resident and if the licensee, under the terms of its purchase or acquisition of the loan, assumes or acquires rights of the federally chartered bank or savings institution as lender with respect to the loan. The measure provides that such a loan acquired by a licensee in violation of this prohibition is unenforceable against the borrower. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/07/2018Committee
01/07/2018Prefiled and ordered printed; offered 01/10/18 18102090D
01/07/2018Referred to Committee on Commerce and Labor
01/12/2018Impact statement from SCC (HB466)
01/30/2018Assigned C & L sub: Subcommittee #3
02/06/2018Subcommittee recommends passing by indefinitely (6-Y 1-N)
02/13/2018Left in Commerce and Labor